Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 It takes money out of the hands of the poor, desperate and mathematically unschooled so that the government can be funded without taking money from the well-off. You copied and pasted this part from the GOP Manifesto, didn't you? Is there a need to take the cash option with a prize this enormous? Seems like unless you really know how to manage money finding a home for that much cash all at once would be a bear of a task. Plus, the annuity at this point has to be something like 40 million a year right? Yeah, I would take lump sum because you don't know if the lottery may become insolvent over the next two decades. Why risk it? Illinois Lottery, I believe, has had to give an IOU on occasion. Link to comment Share on other sites More sharing options...
Koolblue13 Posted January 11, 2016 Share Posted January 11, 2016 I like everyone posting on FB that it could be broken down to 4 million bucks for every person in America. Yep, education ain't no problem. I'd have the greatest animal sanctuary and I'd blast vegan advertising all over the place and invest in education. I could save a lot of lives with that. Link to comment Share on other sites More sharing options...
rictus58 Posted January 11, 2016 Share Posted January 11, 2016 for me, the question of Lump sum vs. 20 year payout really depends on the amount of the jackpot. anything less than 20mil, I'll take the annual payout. that way i know i won't blow it all in 1 year on pop rocks and michelob ultra. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 I would take the annuity anyday. After paying taxes on the lump sum payment you have to earn about a 10% return on what's left to make as much as the annuity. I would much prefer the freedom of knowing there's a guaranteed 50+ million coming my way every year for the next 25 years than have to manage 500million in investments. Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow. Link to comment Share on other sites More sharing options...
TheGoodBits Posted January 11, 2016 Share Posted January 11, 2016 Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow. Oh boy, you need to look up FDIC limits. Link to comment Share on other sites More sharing options...
btfoom Posted January 11, 2016 Share Posted January 11, 2016 I guess I'll buy one. It will give me some fun daydreams for the next couple of days, and if fortune is going to smile on me, I need one ticket in order to have a chance. But if you are buying a bunch of tickets, you are getting burned. True, it is technically not a tax. But the regressive effect is the same. It takes money out of the hands of the poor, desperate and mathematically unschooled so that the government can be funded without taking money from the well-off. Exactly right about buying one. For $2, it is worth having some fun and thinking about building a giant high-rise next to dallas stadium to hide the sun from ever shining on it again. And hey, so I skip an extra soda - no big deal. My high school math teacher told us that lotteries are a tax on the mathematically challenged. His analogy was that winning the lottery was like walking on a mile long beach and finding the exact, one grain of sand that was chosen to be the winner. Link to comment Share on other sites More sharing options...
Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 Oh boy, you need to look up FDIC limits. They won't cover the 50M in annuity payments either? What's your point. That's just what they will insure you for, NOT what you can deposit. Link to comment Share on other sites More sharing options...
redskinss Posted January 11, 2016 Share Posted January 11, 2016 I know two people who have hit jackpots. I worked with a man who hit 19.6 million on mass millions and i work with a man who's father hit 10 million on a scratch ticket. I seem to have plenty of lucky friends,not so much for me unfortunately. Link to comment Share on other sites More sharing options...
rictus58 Posted January 11, 2016 Share Posted January 11, 2016 They won't cover the 50M in annuity payments either? What's your point. That's just what they will insure you for, NOT what you can deposit. Just open up 7,500 individual accounts of $100k each. Problem solved! I know two people who have hit jackpots. I worked with a man who hit 19.6 million on mass millions and i work with a man who's father hit 10 million on a scratch ticket. I seem to have plenty of lucky friends,not so much for me unfortunately. My wife has a relative who won a few mil back in the 80s. They did the 20 year annuity. Worked out well for them. Link to comment Share on other sites More sharing options...
Larry Posted January 11, 2016 Share Posted January 11, 2016 I know two people who have hit jackpots. I worked with a man who hit 19.6 million on mass millions and i work with a man who's father hit 10 million on a scratch ticket. I seem to have plenty of lucky friends,not so much for me unfortunately. Can I be your friend? Link to comment Share on other sites More sharing options...
TheGoodBits Posted January 11, 2016 Share Posted January 11, 2016 They won't cover the 50M in annuity payments either? What's your point. That's just what they will insure you for, NOT what you can deposit. I know dude, just ridiculously risky to drop that much money in a (single) bank account. Link to comment Share on other sites More sharing options...
Riggo-toni Posted January 11, 2016 Share Posted January 11, 2016 Why would one even need to "invest" with a largesse like this? So you take home $750M, in a simple savings acct returning 1% that's still $7.5M per year in interest alone (but you'd have to pay capital gains on that) but I can still manage on $3M/year. I'd survive somehow.After taxes, you're taking hime less than that. Factoring in taxes and the discount for lump sum payment, you wind up with about 40% of the listed jackpot, so a 1.3 billion pot means you take home about 520m....which at ten percent would earn 52m/yr...if you get that good of a return. Or- you could take the annuity which would automatically pay out 52m/yr for the next 25 years. Link to comment Share on other sites More sharing options...
Larry Posted January 11, 2016 Share Posted January 11, 2016 Y'all do realize it's probably getting won by multiple people? (So you'll only get 1/4 of the prize. Darn.) Link to comment Share on other sites More sharing options...
Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 Just open up 7,500 individual accounts of $100k each. Problem solved! My wife has a relative who won a few mil back in the 80s. They did the 20 year annuity. Worked out well for them. I think several different accounts in diff countries could protect you against any collapse. It's such a weird situation because people who have that kind of networth would almost never be that liquid. Amassed over time, have proxies for wealth like real estate, earned income, investment income, equity and bonds. Link to comment Share on other sites More sharing options...
sacase Posted January 11, 2016 Share Posted January 11, 2016 After I took care of my mom and brothers and my newborn niece, good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her. Link to comment Share on other sites More sharing options...
TheGoodBits Posted January 11, 2016 Share Posted January 11, 2016 After I took care of my mom and brothers and my newborn niece, good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her. The only solution would be to divorce her. That way she can only get half! Link to comment Share on other sites More sharing options...
daveakl Posted January 11, 2016 Share Posted January 11, 2016 I'm sure rich people have a fancier version of Home Depot, and if we won, I'd go there instead. Home Depot is the rich version you fig eating ****. Us normal working people go to Lowes and we LIKE THAT! Link to comment Share on other sites More sharing options...
sacase Posted January 11, 2016 Share Posted January 11, 2016 The only solution would be to divorce her. That way she can only get half! I actually thought about doing a post-nuptial and putting her half in a trust so she wouldn't loose it all and at the same time protecting my half from divorce. LOL Ahh the fantasy of it.... Link to comment Share on other sites More sharing options...
Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 After taxes, you're taking hime less than that. Factoring in taxes and the discount for lump sum payment, you wind up with about 40% of the listed jackpot, so a 1.3 billion pot means you take home about 520m....which at ten percent would earn 52m/yr...if you get that good of a return. Or- you could take the annuity which would automatically pay out 52m/yr for the next 25 years. Yes, point still stands, for me there is enough money not to worry about how to make more of it. I'm just all 'bout protecting it at that point. Link to comment Share on other sites More sharing options...
Larry Posted January 11, 2016 Share Posted January 11, 2016 You could run for President. (Have to delete all the things you've said on ES, though.) Link to comment Share on other sites More sharing options...
Elessar78 Posted January 11, 2016 Share Posted January 11, 2016 I think Donald Trump has proven that that **** don't matter no more Link to comment Share on other sites More sharing options...
Riggo-toni Posted January 11, 2016 Share Posted January 11, 2016 I will run on a simple premise - make the Redskins great again. Link to comment Share on other sites More sharing options...
zoony Posted January 11, 2016 Share Posted January 11, 2016 Is there a need to take the cash option with a prize this enormous? Seems like unless you really know how to manage money finding a home for that much cash all at once would be a bear of a task. Plus, the annuity at this point has to be something like 40 million a year right? I always think about that. It would be a full time job just trying to line up enough financial institutions to take that much money. And then trying to stay on top of it I would probably take the allowance option. Link to comment Share on other sites More sharing options...
tshile Posted January 11, 2016 Share Posted January 11, 2016 Home Depot is the rich version you fig eating ****. Us normal working people go to Lowes and we LIKE THAT! wait lowes is cheaper? Link to comment Share on other sites More sharing options...
Taylor703 Posted January 11, 2016 Share Posted January 11, 2016 After I took care of my mom and brothers and my newborn niece, good luck finding me on my 50 million dollar Yacht with a helicopter pad. My biggest problem would be my wife. She has such a huge heart and wants to help everyone. She would end up giving it all away if I left it to her. I read this as "after I left her" lmao Link to comment Share on other sites More sharing options...
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